All of the Following Are Characteristics of Long-Run Equilibrium for Firms

question 57

Multiple Choice

All of the following are characteristics of long-run equilibrium for firms in a monopolistically competitive market except:

• A)price equals marginal cost.
• B)price equals average total cost.
• C)marginal cost equals marginal revenue.
• D)price exceeds the minimum of average total cost.

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Definitions:

Breakdown Maintenance

Maintenance work performed after equipment has failed, aimed at restoring it to operational condition.

Standard Deviations

a measure of the amount of variation or dispersion of a set of values, indicating how much the values differ from the average of the set.

MTBF Distribution

Mean Time Between Failures (MTBF) Distribution refers to the probability distribution that represents the time between failures in a system or component, helping in reliability analysis.

Breakdown Maintenance

A reactive maintenance strategy that involves repairing or restoring equipment only after it has failed.